Japanese Yen (JPY) Technical Major Currencies (2011-08-19)

By IBT Staff Reporter On 08/19/11 AT 3:27 AM

Morning Report

Market is still trapped within a very narrow range since the opening of this week as we mentioned before. The chance for drawing a double bottom and the possibility of forming positive divergence on RSI 14 remain valid. But, we need to witness a sustained breakout above SMA 20 at 77.35 to make sure that the bullishness will be activated. As for now, we will stand aside until we witness a reliable price action to pinpoint the next big move.

The trading range for today is among key support at 74.80 and key resistance now at 79.55.

The general trend over short term basis is to the upside, targeting 87.45 as far as areas of 76.40 remain intact.

Previous Report

Weekly Report

Support

76.45

76.25

75.70

75.25

74.80

Resistance

77.10

77.40

77.85

78.45

79.55

Recommendation

Based on the charts and explanations above our opinion is, staying aside until an actionable setup presents itself to pinpoint the next move